MarkH99

Bitcoin - Light at the end of the tunnel?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi there!

So what caused today's price drop was a rising wedge (see my previous post). But where are we heading next? It is very hard to tell. But I think that the coming days will be very important to determine where Bitcoin's price is going.
As you can see Bitcoin has created a falling wedge pattern. This usually indicates that the price will go up, but, as with actually all pattern, it can breakout both ways. This is why it is at the utmost importance that you remain patient.

But let's say this falling wedge does breakout the way we want it to break out. We then will have a nice thrust to fight the longterm downtrend line. When this happens, possibilities will be endless.
On the other hand when it breaks out at the bottom (when it breaks the uptrend support line), there are also endless possibilities. We then might see these 2k-3k scenario's a lot of people are talking about.

You might argue that this second situation is negative, but it will give you a lot of opportunities to trade as well. With a bearish market, you have to be flexible and you have to be willing to go short (atleast in my opinion).

What do you think? Please comment and follow for more!

Mark
Mar 22
Comment: Watch this rising wedge being created. Once it breaks out at support, the target will be the purple support line.
I'm following this wedge but if this pattern is valid the BTC price will be below the weekend lows.
Reply
MarkH99 FilipeMiguel
@FilipeMiguel, could you explain what you mean. If the BTC price goes below the weekend lows, then the purple support will be broken. But if the support holds then we will probably see the price rise quickly.
Reply
@MarkH99, like that: https://ibb.co/cBxsLH. I don't believe in the purple support cause the trendline have few points of contact and the first is far from the others.
Reply
MarkH99 FilipeMiguel
@FilipeMiguel, I see now, thank you. But if you don't count the first contact point as a contact point, there still are 2 of them. And there still is a huge triangle (the 2 purple lines) which could activate a huge price drop/rise when breaking out
Reply
@MarkH99, On the other hand you must draw the trendlines with the lowest price and not with the closing price.
Reply
MarkH99 FilipeMiguel
@FilipeMiguel, I get what you mean. But some times I feel like a combination of both works better
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